The Community Buzz

This Is Only The Beginning Of A Massive Global Crisis,Full-Blown Panic

The move on the part of the governor of Puerto Rico, who said the country needed to get out of its "death spiral" and would make creditors take a haircut something "authorities" and central bankers have been loath to see occur, as they continually try to protect lenders and bond holders worldwide from having to pay for their bad decisions. Besides generalized central bank bad policy and incompetence, not forcing creditors to take a hit has only increased moral hazards